Most Real Estate organizations do not feature a large fleet of vehicles with the substantial exposures found in other businesses. However, depending on size, some may include vehicles like vans and pickup trucks for maintenance workers to use, private passenger units for sales and management employees, vans or small busses for ferry or shuttle service vehicles in small habitational properties, and more.
The Risks
While auto expenses and losses may not be the top priority for most Real Estate owners, it is still an issue that should be addressed when assessing an organization’s overall risk profile.
Driver selection and safety protocols should be part of any business’ risk management program. If key employees or owners are provided with company-issued cars, the issues of drive other car coverage and broadened personal injury protection may come into play. These coverages protect drivers that do not own a personal vehicle with protection for renting cars personally and incurring bodily injury subject to no-fault laws.
As your broker, knowing your unique situation regarding these commercial auto issues will be critical to providing information and assistance in procuring appropriate coverages.
Know The Answers To These Questions
When procuring coverage, some key questions will need to be answered before your broker can secure an appropriate policy.
These questions, best answered by the Risk Manager, Financial Officer, or Business Manager, include:
- What type of vehicles does your firm own?
- Who is allowed to drive them?
- What training, monitoring and standards do you require?
- Who maintains your owned vehicles?
- What auto losses have you experienced?
- What transportation services do you provide to tenants or residents?
What Is Commercial and Business Auto Insurance?
While most Real Estate owners may not be entirely familiar with Commercial Auto insurance, it is important to have some background information on the topic.
A Commercial Auto Insurance policy or a Business Auto Policy provides similar coverages, including auto liability and auto physical damage, along with various other coverages. The commercial auto policy is somewhat broader and is an appropriate choice for companies that do their own maintenance and have a garage exposure.
We Can Help
The RCM&D Real Estate practice is uniquely positioned to help you answer all of the above questions, provide risk mitigation strategies, and help procure the best possible Commercial or Business Auto coverage possible. Talk to your trusted advisor today for more on how to tackle risks and protect your business from loss.